{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{4}{c}}
\toprule
                    &\multicolumn{4}{c}{Dependent variable: $X_{ni}/X_n$}                                 \\\cmidrule(lr){2-5}
                    &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         \\
\midrule
$\delta^c \times z_{ni}^{(1)}$&      -0.048\sym{***}&                     &      -0.024\sym{*}  &                     \\
                    &     (0.010)         &                     &     (0.012)         &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(2)}$&                     &      -0.041\sym{***}&                     &      -0.021\sym{*}  \\
                    &                     &    (0.0079)         &                     &    (0.0091)         \\
\addlinespace
$FINDEV^c \times z_{ni}^{(1)}$&                     &                     &       0.041\sym{***}&                     \\
                    &                     &                     &     (0.012)         &                     \\
\addlinespace
$\log GDPC^c \times z_{ni}^{(1)}$&                     &                     &       0.091         &                     \\
                    &                     &                     &     (0.076)         &                     \\
\addlinespace
$FINDEV^c \times z_{ni}^{(2)}$&                     &                     &                     &       0.032\sym{***}\\
                    &                     &                     &                     &    (0.0094)         \\
\addlinespace
$\log GDPC^c \times z_{ni}^{(2)}$&                     &                     &                     &       0.075         \\
                    &                     &                     &                     &     (0.054)         \\
\midrule
Country FE          &                     &                     &                     &                     \\
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Upstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
Downstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule$R^2$       &       0.537         &       0.537         &       0.537         &       0.536         \\
Observations        &      133525         &      133525         &      132300         &      132300         \\
\bottomrule
\end{tabular}
}
